Decision details

To highlight the problem of developing a viable scheme for Phase 2 of the Elwick development; to put forward alternative proposals for the land area covered by Phase 2.

The Portfolio Holder for Finance and IT introduced the confidential report which set out a proposal and recommendation to dispose of Council owned land on Elwick Place Phase 2.

Resolved:

That    (i)        the disposal of land at Elwick Place Phase 2 on terms and conditions that protect the Council’s interests be agreed as set out in the report and for the best consideration reasonably obtainable.

            (ii)       authority be delegated to the Chief Executive, in consultation with the Economic Regeneration and Investment Board, to negotiate and conclude the detailed terms of the disposal to the party offering the best consideration reasonably obtainable, including to approve a risk assessment in relation to the impact of Government leasehold reforms on the structure of the disposal.

            (iii)      the apportionment of the capital receipts arising from the disposal between the Council and the Developer as outlined within the report be agreed in principle, and authority be delegated to the Chief Executive, in consultation with the Economic Regeneration and Investment Board, to negotiate and conclude the precise treatment of costs incurred by the Developer and the Council.

            (iv)      the Head of Legal and Democracy, in consultation with the Chief Executive and the Head of Corporate Property and Projects, be authorised to negotiate and conclude all necessary legal agreements in line with the above.